On Monday, Bitcoin continued to display frailty alongside other cryptocurrencies with most volatility being sapped over the weekend ahead of today’s U.S. Independence Day Holiday.
Already, the pioneer cryptocurrency is down by about 75% from its all-time high and roughly 57% in the past 30 days alone. As of writing, BTC is trading at $19,900 after a 3.54% increase in the past 24 hours according to data by CoinGecko.
While it has been hard to pinpoint a reversal zone for BTC at this point, a handful of metrics are signaling that the price is in the process of hammering out a painful floor, although it may be due for another leg down.
Coin Metrics, a resource specializing in crypto data analytics just shared the “Delta Cap” and “Realised Cap” indicators which are now pointing towards Bitcoin finding a possible bottom at $15,000. The delta cap is a hybrid of sorts metric which is calculated as the subtraction of Realized Cap to Average Cap and has successfully been used to spot market bottoms.